- Reverse Circulation (RC) drilling at Mt Maitland Gold Project started on 06 November 2020. A total of 18 holes with a combined depth of 1,300m are planned.
- Red Mountain has submitted additional tenure application to cover the fault extension adjoining the current project area. Once granted, the total project area will cover an area of 78KM2.
- RMX recently announced the official grant of highly prolific Koonenberry Gold Project tenement. The Company is planning an initial exploration campaign on the project.
- Red Mountain is set to enter the heavy rare earth mineral market with the acquisition of Mt Mansbridge Project- a market dominated by China which produces up to 98% of global production.
ASX-listed mineral explorer Red Mountain Mining Limited (ASX:RMX) has shared the exploration results and technical information of the projects through the Company Presentation.
Red Mountain has highlighted the gold and rare earth mineral opportunities in the global as well as domestic market. With gold prices recently touching an all-time high, the Company’s strategy is focused on intensifying drilling and exploration activities on its gold projects.
Red Mountain reported a cash position of ~A$1.6 million at the end of September quarter to support its ongoing mining ventures.
Mt Maitland High-Grade Gold Project
Red Mountain Reverse Circulation (RC) drilling at Mt Maitland Gold Project started on 06 November 2020. A total of 18 holes with a combined depth of 1,300m are planned.
The Company has identified high-priority drill targets of the projects, which includes:
- Mt Maitland South
- Mt Maitland North
- Second Chance South
- North Lenanphyl
Red Mountain has compiled and analysed the historical drill data. The findings of the historical data indicate the potential of high-grade gold mineralisations on the project.
Significant historical drill data are:
- 13m @ 2.53g/t from 9m
- 2m @1.53g/t from 13m
Historical Gold Assay, Mt Maitland Image Source: ASX Update 12 November 2020
Red Mountain has submitted additional tenure application to cover the fault extension adjoining the current project area. Once granted, the total project will cover an area of 78km2.
Koonenberry Gold Project
Red Mountain recently announced the official grant of highly prolific Koonenberry Gold Project tenement, EL8997. The tenement lies near the high-grade gold discovery of Tibooburra Gold Project. The Company is also working on finalising land access agreements.
Also Read: Red Mountain (ASX:RMX) riding high on Koonenberry grant; Announced busy quarterly report
Initial exploration activities are planned and designed for the project and preliminary assessment of historical drilling data has already started.
Tenement Location Map Image Source: ASX Update 12 November 2020
RMX is also keeping a note on the RC drilling data of the Manhattan Corporation’s Tibooburra Gold Project, which recently hit a high-grade gold discovery.
Mt Mansbridge Heavy Rare Earths Project
Red Mountain had recently announced the proposed 100% acquisition of the Mt Mansbridge Heavy Rare Earths Project from the ARD Group.
Mt Mansbridge Heavy Rare Earths Project includes three tenements in the Kimberly region of Western Australia having a total area of 280km2 with 33km in unconformity target strike length. The Killi Killi prospect in the tenement has deposits of rare earth mineral- xenotime.
China has a monopoly on the rare earth element (REE) market. It produces nearly 80% of global production of REE and 98% production in the heavy rare earth element. Outgoing US President Donald Trump had emphasised on decreasing dependence of China’s supply.
The acquisition of the project will include cash consideration of A$100,000 and 50 million ordinary share issue to ARD Group.
For More on Project: Red Mountain to Acquire Mt Mansbridge Rare Earth Project at Kimberley
Batangas Gold Project
Red Mountain retains its net smelter royalty of 1% in the Philippines based Batangas Gold Project.
Mukabe-Kasari Copper Cobalt Project (DRC)
Red Mountain is taking services of a geologic consultant Minrom Consulting based in Johannesburg for the project. Minrom is supervising the soil sampling program of the project.
The project has shown potential for a stratiform copper mineralised body with the potential of cobalt mineralisation as per the report submitted by the Minrom.
Red Mountain in the purview of the report is planning to extend the exploration rights for the period of the next twelve months. RMX is planning an exploration program with Minoram Consulting. The exploration work will have the following components:
- Detailed Field Mapping
- Airborne Geophysical Survey
- Diamond Core Drilling
Share Price Movement
Red Mountain was trading at A$0.014 at 3:24 AEST with a market cap of A$18.03 million as on 12 November 2020.